Viacom issues Q3 profit warning due to poor film performance

TreyWilliams

Reporter

Viacom Inc.
VIA, -0.35%VIAB, -0.46%
on Friday issued a profit warning to investors on the heels of a continued disappointing film performances. The media and entertainment company said it expects per-share earnings for the third quarter to land in the range of $1 to $1.05. The FactSet consensus on earnings is $1.38 per share. Viacom's third quarter results are impacted by the underperformance of "Teenage Mutant ninja Turtles: Out of the Shadows," according to a news release. The film has pulled in $122.7 million worldwide, according to Box Office Mojo. The company also said domestic advertising sales to drop 4% in the quarter. The profit warning comes just a day after Sumner Redstone's holding company National Amusements, which controls nearly 80% of Viacom's voting shares, moved to replace five of the company's board members including Viacom Chairman and CEO Philippe Dauman. Shares of Viacom were down nearly 2% in premarket trade.

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